St. Clair Shores Property Division Lawyers

What is Marital Property?

Marital assets are defined as all property, including debts, acquired by either spouse after the marriage takes place. This means that generally speaking, the date of purchase or receipt of an asset determines whether it qualifies as marital or non-marital property. Separate property, on the other hand, is usually allowed to remain in the sole possession of the original owner.

In Michigan, an engagement ring is considered a conditional gift and must be returned if the condition, meaning marriage, is not met. This means that engagement rings should be returned to the purchaser, regardless of who may be at fault for ending the relationship, if no marriage takes place. Wedding bands, which are often exchanged during the wedding ceremony itself, are considered an interspousal gift, and will most likely remain in the possession of the person who received it. 

Unfortunately for some people, this is true even if the wedding band was a family heirloom. The only exception to this rule is if the parties entered into a prenuptial or postnuptial agreement providing that the ring will be returned to the giver in the event of divorce or one party’s death. 

How Property Division Issues Can Become Complex

Determining whether property is considered marital or nonmarital can become contentious, but property division can also become complex for other reasons, even when the divorce is relatively amicable. Those can include (but certainly aren’t limited to):

• Complex Property Holdings – Dividing assets such as property titled in a trust or retirement benefits can be difficult.
• High Net Value Assets – Large scale or high-value assets create a greater potential for legal conflict and disputes.
• Misconduct – Unfortunately, in some cases, one spouse may try to conceal, dispose of, or significantly undervalue an asset in order to prevent it from being considered in the divorce agreement.

Call to Speak with a St. Clair Shores Complex Property Division Attorney

You have the right to a fair resolution to the legal issues surrounding your divorce, whatever the cause. To consult with an experienced Michigan divorce lawyer about the complex property division issues in your divorce case, please contact Iafrate & Salassa, P.C. You can request a free consultation by calling our office or sending us an online message today.